February 27, 2024

EDA: $2 Million Invested to Support Business Growth in Lubbock, TX

Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to the Lubbock Reese Redevelopment Authority in Lubbock, Texas, for infrastructure improvements to support future business growth in a new business park.

This grant will support construction of a new business park with an emphasis on innovation, disaster preparedness, and regional resiliency. This EDA investment will be matched with $1 million in local funds.

“President Biden’s Investing in America agenda is a commitment to spurring economic growth, prosperity, and resilience in Texas and across the country,” said Secretary of Commerce Gina Raimondo. “This grant from the Economic Development Administration will help ensure Lubbock has the infrastructure needed to support local businesses, create jobs, and expand economic opportunity in the community.” 

“The Economic Development Administration works closely with communities to drive place-based economic development,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This investment will provide the infrastructure to support business growth and a robust, diversified economy in North Texas and throughout the region.”

“The mighty Texas economy continues to expand faster than the nation,” said Governor Greg Abbott. “The infrastructure improvements that will be made possible by the EDA’s grant to the Lubbock Reese Redevelopment Authority will help the Texas economy continue to thrive by supporting local business growth and creating good-paying jobs for hardworking Texans. I look forward to seeing more groundbreaking innovation in Lubbock and across our great state as we continue to build a brighter economic future for all Texans.”

“Access to robust and efficient infrastructure is critical for the continued economic development in Texas,” said Senator John Cornyn. “I applaud this announcement and look forward to seeing the positive impact this investment will have for businesses in Lubbock.”

These projects are funded under the Disaster Relief Supplemental Appropriations Act, 2023, which provided EDA with $483 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas that received a major disaster declaration under the Robert T. Stafford Act as a result of Hurricanes Ian and Fiona, wildfires, flooding, and other natural disasters occurring in calendar years 2021 and 2022. Please visit EDA’s Disaster Supplemental webpage for more information.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

This post was originally published here.